A New Co-op – Yes, a Co-op! – Is Born in Queens

Everyone knows that condos are all the rage in New York City right now. Washington Plaza, a rent-regulated apartment complex in Jackson Heights, Queens, must have missed the memo. The six-building, 190-unit Art Deco complex, according to the New York Times, is going against the grain and joining the co-op club.

It sounds like a conversion story from the 1980s. Existing renters at Washington Plaza receive first dibs on buying their homes – at a 10 percent discount from the current going rates, which range from $374,000 for a 1-bedroom to $969,000 for a 4-bedroom. Or they can continue to rent, if they choose. The co-op plans to market more apartments as they become available through attrition.

But New Yorkers have learned a thing or two over the past 30 years. It looks like most Washington Plaza residents will seize on this rare chance to buy into a new co-op. Of the first 23 units listed for sale, more than half are already in contract – with future prices likely to head in just one direction.

Says Marilyn Sollar, the director of marketing and sales for Delta Management, “We knew from the outset we were coming into the market with very attractive pricing that probably, from the word go, had room to grow.”

Buyers Manual

Thinking of buying a co-op or condo? Already bought, and not sure how co-op/condo life and rules work? Learn all about purchasing a place and living in your new community. It's not like renting, and its not like owning a house. What's it like?